Morrisons’ largest shareholder Silchester International has refused to give its backing to a £6.3bn takeover by US private equity firm Fortress.
Silchester, which owns 15.1% of the supermarket giant, said it ”is not inclined to support the existing Fortress offer at the upcoming court and shareholder meeting. Silchester considers schemes of arrangement, with a 75 per cent hurdle for shareholder acceptance and squeeze out, to be disadvantageous to public shareholders generally.
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